Verdict – Short-term bullish.
DCE iron ore January contract maintained bullish during the day. Daily 5 day moving average, 10 day moving average and 20 day moving average have created two sets of gold cross, which reversed the previous bearish market to a rebound market. Hourly slow stochastic KD entered bullish territory. Hourly CCI entered bullish territory. Technical signals were indicating the market was in bullish sentiment currently.
The first support is 746.0, the first resistance is 822.0
